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On December 1, 2014, Garden Corporation incurs a 30-year, $400,000 mortgage liability upon purchase of...

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Accounting

On December 1, 2014, Garden Corporation incurs a 30-year, $400,000 mortgage liability upon purchase of a warehouse. This mortgage is payable in monthly installments of $4,116, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, 2014.
How much of the first payment made on December 31, 2014 is allocated to repayment of principal?

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